Investments  

Virgin Money introduces trio of new savings products

Virgin Money introduces trio of new savings products

Virgin Money has today (15 January) launched a range of savings products, including fixed-rate Isas and bonds, in addition to a 100-day notice account option.

Accounts can be opened in store, online, over the telephone and by post, with customers receiving the same interest rate on equivalent products however they choose to apply.

The fixed rate Isa comes in with an improver interest rate of 1.7 per cent tax-free and will accept transfers from existing Isas, along with additional deposits for 30 days following account opening.

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New fixed-rate bonds offer the same rate as the equivalent cash Isa, also at 1.7 per cent tax-free and the account can be opened with just £1, with additional deposits accepted for as long as the account remains available to new customers.

The 100-day notice saver offers 1.35 per cent annual gross, also with a minimum balance of £1 and a maximum balance of £500,000. Customers can choose to receive interest either monthly or annually.

Anthony Mooney, financial services director at the bank, said: “Our range offers customers the same competitive rates for Isas and fixed rate bonds, giving Isa savers the full benefit of tax-efficiency.

“We also offer exactly the same rate through all channels, so customers can also choose how they wish to operate their account without detriment to rate.”

peter.walker@ft.com